Methodological Foundations of Macroeconomics: Keynes and Lucas

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Cambridge University Press, Sep 26, 1991 - Business & Economics - 269 pages
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This book is an investigation of the methodological and epistemological foundations of macroeconomic theory, based on an examination of the theories of Keynes and Lucas. Professor Vercelli first discusses the methodological issues that lie behind the conflict among different schools of thought in macroeconomics, issues that are central not only to many branches of economics but also to other scientific disciplines. The author compares the two main alternative research programs in macroeconomics: that outlined by Keynes in his "General Theory," and that suggested by Lucas, the leader of the new classical economists. After examining the methodological underpinnings of these conflicting views, he concludes that a Keynesian conception of macroeconomics as a discipline autonomous from microeconomics and open to theoretical and methodological innovation should be defended, thus excluding fundamentalism either of the Keynesian or new classical varieties.
 

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Contents

Equilibrium disequilibrium and economic theory II
11
Dynamic instability and economic models
30
Structural instability and economic change
43
Uncertainty predictability and flexibility
71
Rationality and expectations
91
Suppes Keynes
106
Lucass scientific paradigm
127
Lucass heuristic model
143
The real equilibrium business cycle and Lucass attempt at
163
general observations
176
methodological aspects
219
Conclusions
234
References
245
Subject index
261
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